- XRP price drops after hitting a 7-week resistance of $0.235 to an intraday low at $0.20, around the closing hour, yesterday
- Yet, XRP coin started with a gaining streak today and is currently trading at $0.219
- The current price trend of XRP is breaching above the upper 20-day Bollinger Band, and with a slight candlestick pullback, the coin lost the support sight of 50-day MA yet retains 200-day daily MA at $0.2065
- The 20-day Bollinger Bands do not project any unprecedented volatility presently. The gradual uptrend over the past two days took a halt after yesterday’s price correction
- Yet, we do not believe this to be an end or a brief uptrend as we enter the month of Bitcoin halving which happens to be influential crypto especially for the major altcoins like Ethereum and XRP
XRP Price Analysis
On an intraday chart, Ripple has clearly breached the uptrend against the US Dollar, which was afloat as it had hit a 7-week resistance. Although, an immediate bearish engulfing took the toll as it breached below the 20-day Lower Bollinger Band. Just when the price of XRP dropped below $0.222, it lost 50-day MA support and is yet to regain it steadily. With a positive crossover, in the trading session today, Ripple price has notably restored back to $0.22. Additionally, the 200-day MA support stays intact at $0.206 and is the major level to watch out for.
The MACD of XRP is taking a bullish divergence as the price rebounds to $0.22, and the MACD crosses above the signal line. The RSI is also inclined towards the overbought region at 54.74 and is awaiting a price spike to cross above 70, anytime soon.